XL Capital Agreed to Brew Property Insurance Firm in China
Thursday, Nov 19,2009, 11:41:04 AM Click:
XL Re Life America is expected to take a 51% stake in the new firm and the rest 49% stake will be held by XL Insurance.
XL Capital Ltd., which has expanded its presence to 27 nations, specialized in life insurance, non-life insurance, global re-insurance, and institutional investment services. The insurance giant set up a business office in Beijing on January 30, 2006, a way for it setting foot in the Chinese insurance market. It witnessed net loss of USD 11.4 million in the third quarter of this year, compared with as much as USD 1.6 billion in the same period of a year earlier.
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